New research shows that parents across the UK are stepping up to support their adult children with accommodation in the face of an increasingly challenging property market.
With affordability barriers making it harder than ever for young people to buy their first home, the majority of parents (53%) are willing to act as ‘Parent Landlords’ and open up their doors to help their children save.
However, the study commissioned by Latimer, the development arm of Clarion Housing Group, also highlights the growing financial and emotional burden on parents looking to support their child’s path to home ownership.
According to the research, nearly half (49%) of parents feel financially responsible for helping their children buy their first home, yet two-thirds (66%) who want to provide financial support simply can’t afford to. Meanwhile, over half (54%) of parents believe their children won’t be able to step onto the property ladder without their help, creating a difficult financial dilemma for many families.
The study reveals shifting attitudes towards adult children living at home. While nearly a third (32%) of parents believe their children should be ready to leave by ages 22-25, a surprising 23% are happy to support them for as long as needed. This shift reflects a growing flexibility in parenting styles, as the multiple challenges of rising rents, inflation and steep deposit thresholds facing first-time buyers become more widely recognised.
But multi-generational living is not without its challenges. Parents cited lack of privacy (27%), financial strain (20%), and unequal division of household chores (20%) as some of the biggest sources of tension in the home. In addition, almost a third (32%) admit they would not be comfortable with their adult child’s partner moving into the family home, with 30% stating they would feel frustrated or overwhelmed by the situation.
Paul Walker, sales and marketing director at Latimer, adds: “Young adults face many challenges in today’s housing market and are increasingly forced to turn to their parents for accommodation support. However, the Parent Landlord phenomenon is a temporary fix not a workable solution, and our study has highlighted the strain that adult kids living at home can put on family life.”
This article is taken from Landlord Today